Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1) Name of company


Fidelity European Values PLC


2) Name of director

David Simpson


3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

David Simpson and Mrs Elizabeth Simpson (spouse)


4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)


David Simpson - 5,300 ordinary shares of 25 pence each

Fidelity ISA account held for David Simpson (Fidelity Nominee (Shareholdings)
Limited) - 796 ordinary shares of 25 pence each

Fidelity ISA account held for Mrs Elizabeth Simpson (Fidelity Nominee
(Shareholdings) Limited) - 796 ordinary shares of 25 pence each

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

David Simpson


6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary


Investments through the Fidelity ISA


7) Number of shares/amount of stock acquired

1,592 Ordinary Shares of 25 pence each.


8) Percentage of issued class


0.003%


9) Number of shares/amount of stock disposed


n/a


10) Percentage of issued class


n/a


11) Class of security


Ordinary 25p shares


12) Price per share

1,592 shares @ £8.785 pence each

13) Date of transaction

11 March 2005


14) Date company informed


11 March 2005


15) Total holding following this notification


6,892 shares


16) Total percentage holding of issued class following this notification


0.01%


If a director has been granted options by the company please complete the
following boxes

17) Date of grant


18) Period during which or date on which exercisable


19) Total amount paid (if any) for grant of the option


20) Description of shares or debentures involved: class, number


21) Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise

22) Total number of shares or debentures over which options held following this
notification

23) Any additional information


24) Name of contact and telephone number for queries


Rebecca Burtonwood

Fidelity Investments International

01737 836 869


25) Name and signature of authorised company official responsible for making
this notification

Rebecca Burtonwood for and on behalf of Fidelity Investments International


Date of Notification 14 March 2005